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Transactions With Related Parties
6 Months Ended
Jun. 30, 2023
Related Party Transactions [Abstract]  
Transactions with related parties Premia Reinsurance Ltd. is a multi-line Bermuda reinsurance company (and its affiliates together with Premia Holdings Ltd., “Premia”). The Company has entered into certain reinsurance transactions with Premia. For the six months ended June 30, 2023, the Company recorded net premiums written and earned of $75 million, compared to a de minimis amount for the six months ended June 30, 2022. At June 30, 2023, the Company recorded a funds held asset from Premia of $191 million, compared to $119 million at December 31, 2022.Somers Group Holdings Ltd. and its wholly owned subsidiaries (collectively, “Somers”) are wholly owned by Greysbridge. The Company has entered into certain reinsurance transactions with Somers. For the six months ended June 30, 2023, the Company’s net premiums written was reduced by $314 million, compared to $347 million for the six months ended June 30, 2022. In addition, Somers paid certain acquisition costs and administrative fees to the Company. At June 30, 2023, the Company recorded a reinsurance recoverable on unpaid and paid losses from Somers of $1.3 billion and a reinsurance balance payable to Somers of $485 million, compared to $1.2 billion and $414 million, respectively, at December 31, 2022.